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Flagstone Re ReportsQ4 EPS of $0.20 vs. $0.12

Flagstone Reinsurance Holdings, S.A. (NYSE: FSR) today announced fourth quarter 2010 basic book value per share of $16.48 and diluted book value per share of $15.51, up 3.7% and 3.0%, respectively, for the quarter (percentages inclusive of dividends).

Net income attributable to Flagstone's common shareholders for the quarter ended December 31, 2010, was $15.0 million, or $0.20 per diluted share, compared to a net income of $71.5 million, or $0.86 per diluted share, for the quarter ended December 31, 2009.

Net income attributable to Flagstone's common shareholders for the year ended December 31, 2010, was $97.1 million, or $1.23 per diluted share, compared to a net income of $242.2 million, or $2.87 per diluted share, for the year ended December 31, 2009.